The Political Economist and the Land. i i 5 



all innovation of wliatsoever kind, than to any discoverable 

 fallacies in his reasoning. Even Benthani, burning as he was 

 for radical reforms, was so terror-bound by the course of events 

 in Paris, that he became the champion of existing abuses 

 rather than see all institutions placed at the mercy of the 

 ignorant mob. Adam Smith had long been in personal touch 

 with the leaders of the French school, and he established all 

 that was beneficial in their teaching in this country. The way 

 had no doubt to a certain extent been paved by the ideas of 

 Locke, Hume, Petty, etc. ; but any philosophical schemer who 

 had hitherto gained the public ear had used his influence in 

 directing the Government to restrict this industry and en- 

 courage that, to impose a fine on importation here and offer a 

 bounty on exportation there, until no interest remained safe 

 from their meddling propensities. 



Adam Smith, on the contrary, following in the footsteps of 

 Quesnai, would have swept all State restrictions away, basing 

 the chief canons of his economical belief on the talent and 

 enterprise of the individual. This was the competitive system, 

 the very essence of which is free trade. The avowed object of 

 all political economists has always been to advance a people's 

 welfare. Smith endeavoured to show that this was most easily 

 attainable by a strict adherence to that order of things which 

 nature has pointed out. It must have been a novel experience 

 for the British Treasury, this doctrine of masterly inactivity, 

 especially at a time when every fresh theorist pestered each 

 successive Chancellor of the Exchequer with entreaties to help 

 or hinder by tax or bounty some particular industry. The 

 very simplicity of the idea had its charm, and w^e can imagine 

 the fascination of a system which suggested to a finance 

 minister that his sole duty was to remove prohibitions, not to 

 inflict them. It was, however, as we have said, some time 

 after Smith's work appeared in print that his theories began 

 to bear fruit. Philosophical reasoning of any kind had very 

 little weight at first with the English statesman whose fiscal 

 policy was generally influenced by circumstances such as the 

 condition of trade, the necessities of war, or the patriotism of 

 classes. But Pitt came to know the Wealth of Nations^ as its 



